Advanced Income Tax Accounting - Including Practical Application Exercises (111117A)

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Description:

Accountants both in business and industry and public practice should be fully up to speed about all issues revolving accounting for income taxes. The growing complexity and the difficulty in applying the concepts of this area require an in-depth grasp of the advanced issues and how to address them. This course not only provides the basis to apply FAS 109 and FIN 48 to most real-life situations, but it also includes practical exercises illustrating the theory. Participants will also learn the IFRS impact on accounting for income taxes as well as the impact when dealing with other accounting standards in conjunction with FAS 109 and FIN 48.

Objectives:

Upon completion of this course, participants will be able to:  Apply the complex rules of SFAS 109 and FIN 48 to new and challenging situations  Identify the similarities and differences between U.S. GAAP and IFRS with deferred tax implications  Apply FAS 109 and FIN 48 to state and local income tax complexities  Determine the applicable tax rate for complex situations  Schedule temporary differences in various complex situations  Apply FAS 109 to changes in tax laws or rates, accounting methods, tax status  Apply FAS No. 109 & FIN 48 to interim periods.  Apply FAS No. 109 & FIN 48 to FAS 141(R), Business Combinations, and FAS 160, Noncontrolling Interests in Consolidated Financial Statements.  Apply intraperiod tax allocation with a five-step approach for more complex situations  Apply the provisions of FIN 48 to uncertain tax positions  Apply FAS 109 to Stock based compensation issues  Compute the valuation allowance considering items that reduce the need for an allowance

Major Topics:

 Comparison of SFAS No. 109 to IAS 12  FIN 48 application for various complex situations  New preparer penalty standard and their interplay with FIN 48  Business combinations and fair value issues  Application of a worksheet approach to advanced applications of SFAS 109 and FIN 48  Intraperiod tax allocation  Implications of convergence of GAAP and IFRS, regulated enterprises, leveraged leases and quasi-reorganizations

Who Should Attend:

 Accountants in industry and public practice who are involved in financial reporting

Prerequisite:

Experience in financial reporting and basic knowledge of FAS 109 and FIN 48